The Wall Street Journal reported on August 8, 2025, that Nexstar Media Group is in advanced negotiations to acquire Tegna. This potential deal could significantly alter the American television landscape, particularly given the ongoing deregulation efforts at the Federal Communications Commission (FCC).
Nexstar, already the largest television station owner in the US with over 200 stations across 116 markets, would further expand its reach by acquiring Tegna's 64 stations in 51 markets. Tegna is valued at approximately $2.5 billion, while Nexstar's estimated value is around $5.6 billion. Beyond local television, Nexstar also owns a radio station, The CW network, and the 24-hour cable channel NewsNation. Tegna's holdings include the multicast channels True Crime Network and Quest.
The specifics of the potential deal, including its structure and final price, remain undisclosed. However, sources suggest a swift finalization. Nexstar's history, dating back to 1996, involves strategic partnerships like those with Mission Broadcasting and Vaughn Media, to navigate FCC ownership rules. These arrangements, replicated across numerous markets by Tegna and other station groups, allow for cost savings through shared services such as news production and sales.
This acquisition attempt arrives at a pivotal moment, coinciding with the FCC's movement toward deregulation under Brendan Carr. The potential merger could serve as a test case for new ownership limits, subject to FCC approval of license transfers. Deregulation could lead to substantial shifts in ownership, potentially concentrating control in fewer hands. While some argue that consolidation is necessary for economic viability and the continuation of free, over-the-air broadcasting and community service, others express concern about the reduced diversity of voices and control of the airwaves.
Current rules prevent a single company from owning stations reaching more than 39% of US television households. Nexstar currently operates near this limit, but accounting for UHF discounts, its reach is closer to 70%. Tegna's reach is also around 39% with discounts. The combined reach of a Nexstar-Tegna entity remains uncertain, and any expansion would require areas of non-overlap. A noteworthy aspect is the potential for a single entity to control all three major network affiliates in Nexstar's original Pennsylvania market if the acquisition proceeds without regulatory concessions.